"In the end, a nice week ended on a strong note," opined Schaeffer's Senior Technical Strategist Ryan Detrick, CMT. "The two-week losing streak is a thing of the past, as the S&P 500 Index (SPX) gained more than 2% on the week. In fact, the SPX and the Dow Jones Industrial Average (DJI) both closed at new all-time highs. Then, under the surface, small-caps had a huge day, and the Russell 2000 Index (RUT) finished at a record peak, as well. All in all, with the Fed out of the way, seasonality could take over, and more strength to end this very bullish year could be in the cards."
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,221.14) trekked higher right out of the gate, and touched an all-time intraday peak of 16,287.84 during the afternoon hours of trading. By the end of the session, the Dow was up 42.1 points, or 0.3% -- notching yet another record closing high. For the week, the index climbed 3%. The blue-chip barometer's 18 advancers were led by Caterpillar Inc.'s (NYSE:CAT) gain of 1.6%, while Pfizer Inc. (NYSE:PFE) paced the 12 laggards with a drop of 1.5%.
The S&P 500 Index (SPX - 1,818.31) also spent the day in positive territory, tagging a record intraday peak of 1,823.75 around 2:30 p.m. ET. By the time the dust settled, the index was 8.7 points, or 0.5%, higher -- marking an all-time closing high. Meanwhile, the Nasdaq Composite (COMP - 4,104.74) reached a 13-year intraday peak of 4,111.93, and advanced 46.6 points, or 1.2%, on the day. On a weekly basis, the SPX and COMP added 2.4% and 2.6%, respectively.
Elsewhere, the CBOE Volatility Index (VIX - 13.79) stayed south of breakeven for the entire day, and closed 0.4 point, or 2.5%, lower. Week-over-week, the "fear gauge" shed 12.5%.
A Trader's Take:
"We had another day of upbeat economic data," Detrick noted. "This time it was the third-quarter gross domestic product (GDP) report. Remember when strong data was viewed bearishly? Now that the Fed has officially decided to start tapering, maybe we can get to a more normal world, where good data is actually good. We've been saying all year here at Schaeffer's that the economy is on stronger footing than most give it credit for, and the market looked great. Now the economic data is starting to justify that position."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
Recent XIV Action May Bode Well for Bulls
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